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| Letter of Credit - Checklist and Guide for Exporters (Part 1) |
| Check that the letter of credit states that it is subject to the 1993 revision of the Uniform Customs and Practice for Documentary Credits (UCP) of the International Chamber of Commerce, usually mentioning ICC Publication No. 500 (or perhaps “current revision”). Check the authenticity of the credit. Forgeries are comparatively rare, but dangerous. Credits are normally sent through an advising/confirming bank in the UK. Any departure from this routine should be viewed with suspicion, for example, if it comes to you direct from overseas. If it comes from a UK address asking you to send documents abroad and you do not recognise the UK bank, check its authenticity with your own bank. |
| Letter of Credit - Checklist and Guide for Exporters (Part 2) |
| When checking your credit under the headings below, remember that UCP 600 will apply fully unless you have agreed different terms, which are reflected in the credit. One or more of the following checkpoints may thus be overridden by conditions stipulated in your particular credit. If you are still unclear as to what the wording of the credit implies check what UCP 600 has to say on the point and with the UK bank.
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| Controlling The Letter of Credit Transaction |
| Exporters expecting to be paid under a letter of credit (referred to in this article as "LC" or "Credit") may be sadly disappointed. Although an LC is considered one of the most secure means of obtaining prompt payment for sale of goods... |
| Understanding and Using Letters of Credit |
| Letters of credit accomplish their purpose by substituting the credit of the bank for that of the customer, for the purpose of facilitating trade. There are basically two types: commercial and standby. |
| 7 tips for avoiding scams |
| Facilities such as Western Union are untraceable. They are designed to send money to people you know personally, such as family and friends. If you unwittingly send one to a scammer, you will never see your money again.
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